Fiscal sustainability, or public finance sustainability, is the ability of a government to sustain its current spending, tax and other policies in the long run without threatening government solvency or defaulting on some of its liabilities or promised expenditures. There is no consensus among economists on a precise operational definition for fiscal sustainability, rather different studies use their own, often similar, definitions.[1][2][3] However, the European Commission defines public finance sustainability as: the ability of a government to sustain its current spending, tax and other policies in the long run without threatening the government's solvency or without defaulting on some of the government's liabilities or promised expenditures.[4] Many countries and research institutes have published reports which assess the sustainability of fiscal policies based on long-run projections of country's public finances (see for example,[4][5] and [6]). These assessments attempt to determine whether an adjustment to current fiscal policies that is required to reconcile projected revenues with projected expenditures. The size of the required adjustment is given with measures such as the Fiscal gap. In empirical works, weak and strong fiscal sustainability are distinguished. Differences are related to both econometric techniques used for examination and variables involved.[7]
^
Krejdl, Ales (2006). "Fiscal Sustainability – Definition, Indicators and Assessment of Czech Public Finance Sustainability (Working Papers No. 2006/3)". Czech National Bank, Research Department.
^Balassone, F.; Franco, D. (2000). "Assessing Fiscal Sustainability: A Review of Methods with a View to EMU". SSRN 2109377.
^Burnside, Craig (2005). Burnside, Craig (ed.). Theoretical Prerequisites for Fiscal Sustainability Analysis. World Bank. doi:10.1596/978-0-8213-5874-0. ISBN 978-0-8213-5874-0.
^ abSustainability report 2009. European Commission.
^The Long-Term Budget Outlook, 2010 The United States Congressional Budget Office.
^Office for Budget Responsibility (United Kingdom), 2011. Fiscal sustainability report – July 2011. Archived 2016-09-23 at the Wayback Machine
^Wysocki, Maciej, and Cezary Wójcik. "Sustainability of fiscal policy in Poland in the period 2004–2017." International Journal of Management and Economics 54.3 (2018): 219-226.
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